The Federal Energy Regulatory Commission approved the first new major liquefied natural gas project in more than two years on Thursday, a win for the sector and for customers in Europe craving more U.S. shipments.
FERC, which consists of three Democratic and two Republican commissioners, voted unanimously to approve Commonwealth LNG’s application to build and operate a 1.18 billion cubic feet-per-day export terminal in Lake Charles.
THE OTHER PART OF BIDEN’S PROMISE TO SEND EUROPE LNG
LNG has become an especially hot commodity since the war in Ukraine sent global energy markets spiraling. European countries are increasingly seeking alternative sources to Russia.
President Joe Biden pledged to help increase LNG shipments to European Union allies through the end of the decade, and LNG exporters have already blown past Biden’s targets.
Biden’s LNG promises angered environmental groups, as well as some industrial interests that oppose the export of natural gas.
The gas industry has welcomed the commitments Biden has made and the exports he has approved on his watch. Since March, the Department of Energy has approved billions of cubic feet in additional export authorizations at both existing facilities and at others that are FERC-approved but yet to be completed.
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“Today’s Commonwealth LNG decision shows, once again, that U.S. LNG export projects enjoy broad, bipartisan support across the federal government,” Fred Hutchison, president and CEO of LNG Allies, said Thursday.
There are seven operating LNG export terminals, most of which are located on the Gulf Coast, while more than a dozen have been approved but remain incomplete.
